HYPE pops 7%, beating bitcoin declines, as SpaceX pre-IPO lands on Hyperliquid
Hyperliquid's HYPE token experienced a 7% increase in value, contrasting with declines in major cryptocurrencies. This rise followed the launch of a synthetic pre-IPO perpetual futures contract tied to SpaceX's valuation by Trade.xyz. The SPCX-USDC contract, which does not involve actual SpaceX shares, quickly gained traction in the market.
- ▪HYPE token rose about 7% after Trade.xyz launched a synthetic pre-IPO perpetual futures contract for SpaceX.
- ▪The SPCX-USDC contract started at a reference price of $150, implying a valuation of approximately $1.78 trillion for SpaceX.
- ▪The launch of SPCX highlights a shift from tokenized stock structures to synthetic perpetuals, which may avoid some legal challenges.
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MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailHYPE pops 7%, beating bitcoin declines, as SpaceX pre-IPO lands on HyperliquidHyperliquid's HYPE token rallied 7% over 24 hours after Trade.xyz launched the first pre-IPO perpetual market on the platform, offering synthetic exposure to SpaceX at a reference valuation of $1.78 trillion.By Shaurya MalwaUpdated May 18, 2026, 5:03 a.m. Published May 18, 2026, 5:01 a.m. 2 min readMake preferred on What to know: Hyperliquid’s HYPE token rose about 7% even as major cryptocurrencies fell, after Trade.xyz listed a synthetic pre-IPO perpetual futures contract tied to SpaceX’s implied valuation.The new SPCX-USDC contract, which does not involve actual SpaceX shares, launched at a $150 reference price implying a roughly…
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